Daily Canadian Dollar FX Update October 7, 2015
FX Morning Update October 7, 2015
USD/CAD Open: 1.3000-1.3001 Overnight Range: 1.2985-1.3053
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.26 and gold is at $1,151. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3098. Support is at 1.2957.
The Canadian dollar continues to rally this week, as oil prices rebound back to near the $50/barrel range. The Canadian dollar enters this morning with a six day long run of gains totaling approximately 3.5% off of September 29 lows. However, the Canadian dollar remains vulnerable over the short-term, as oil has shown an inability to break through the $50/barrel level. Additional risk lies with yesterday’s poor trade data, coupled with tomorrow’s Fed minutes release. By all indications, the decision to leave rates unchanged in September was close, and overly hawkish sentiment could lend strength to the US dollar.
Oil prices and relative monetary policy will continue to drive the Canadian dollar over the medium term.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | October 7, 2015 | Daily Update |
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